CJ CGV announced on the 24th that it has signed a memorandum of understanding (MOU) with video content production corporations Locus to expand the new intellectual property (IP) market and develop AI technology-based content.
This agreement is part of a strategic collaboration to enhance the business performance and market competitiveness of both companies and to lead the next-generation content industry. CGV will support the theatrical release of videos produced by Locus, which has strengths in video content using next-generation technologies such as computer graphics (CG) and visual effects (VFX), through this agreement.
CGV and Locus plan to develop various contents incorporating AI technology to secure differentiated content competitiveness. They also agreed to jointly promote various marketing strategies, actively utilizing both online and offline promotions to enhance content activation.
Through this agreement, both companies are expected to strengthen the global competitiveness of the domestic content business and lead the next-generation content market.
Go Eun-joo, head of the content business division at Locus, said, “Through this agreement, we will actively cooperate to ensure that Locus' creative IP is recognized in a broader market,” adding, “In particular, we expect to create new industrial value through the development of next-generation content based on AI technology.”
Cho Jin-ho, head of domestic operations at CJ CGV, noted, “I expect that this collaboration with the content production corporation Locus will diversify content that can only be experienced at CGV and allow us to introduce new content,” and added, “We will continue to actively contribute to building an innovative content ecosystem.”